Los Angeles daily herald., 1887-09-17
THE DRESBACH DEAL.
Disastrous Financial Show.
ing Of the Operators.
OVER S7,5O0,OOO BEHIND.
Where the Money Came From.
The Nevada Bank Badly
Cinched.
Associated Press Dispatches to the HERALD

Associated Press Dispatches to the HERALD
SAN Francisco, September 16.-
William Dresbach, one of the chief
manipulators of the recently collapsed
wheat deal has filed with the County
Recorder full statement of his liza
bilities and assets. Among the cred
itors who loaned Dresbach are the
following who are we'll secured by
wheat, which, if sold at the present
prices, would cover their claims: c..
Fl. Kaufman, 100000, Searles &
Stone, $3S6,OO0 Staub & Cooper, $751;
900, Charles F. Reed. $3.50, 900, Abby
M. Parrott, $500, 900, Starr & Co.. $43,-
900, London, Paris & American Bank,
$4,000, Blum, Baldwin & Girvin,
1921 900.
WHEAT CONTRACTS.
Following this statement is given
the list of wheat contracts, whereby
Dresbach agreed to receive 10000 tons
of wheat from various parties at prices
ranging from $1.70 per Genital to So per
GENITAL. The current price now being
$1.25, the amounts due on the con-
tracts are in dispute.
THE NEVADA BANKS ACCOUNT.
The most startling exhibit made is
the amount of money owing to the
Nevada Bank on promissory notes.
The statement shows that Dresbach
owes the bank directly $550,000. He
also obtained from the bank $6,000,-
600 on guarantee given by Charles
F. Reed, so that he received from the
bank in various ways fully $6,50O,0O0
REEDS RECORD.
Reed, who appears as guarantee for
this enormous loan, was formerly of
Yolo county, in this State, and owns a
large tract of land there. How he
satisfied the Nevada Bank is not
stated. Mrs. Paran Stevens. of New
York, is his sister, and he has other
wealthy relatives.
ovERvALUED CARGOEs.
In most OF the assets there is given
the statement of fifty-seven vessels
bound for Liverpool, carrying 594, 900
quarters of wheat. Dresbach drew
upon the consignees of this wheat in
England for more than the present
value of the cargoes, and the assets,
therefore, are of no value. Among
other assets are $278.46 of money on
hand.
ENGLISH ACCOUNTS.
There is also book account Of
81, ,795 900 owing to Dresbach by john
ston, Bosch & Co., OF England, but
this amount will not be more than
sufficient to cover the losses sustained
by this firm on the advances made to
cover the losses on wheat in Europe
on account OF Dresbach. Henry
Coubrough, of London, is also men,
toned as owing $712 900, but the
value of the account is the same as in
the case of Johnston, Bosch & Co.
There are various other London ac-
counts of less magnitude, but deemed
yalueless.
RosENFELD's INTEREST.
John Rosenfeld is also quoted as
owing $107 900. He was partner with
Dresbach, and this represents his share
of the loss on the joint account.
The SUMMARY
Shows as follows: Money borrowed
on wheat and secured, 81 ,S55 900;
owing to the Nevada Bank, $6, ,553, 900;
losses on contracts, 100000; losses
on cargoes en- route, $535, ,000 other
losses, $500, 900; making a total in
debtedness of more than 81 800 900,
which is practically unsecured, and
which is supposed to approximately
represent the loss in the great deal.
WHY FLOOD RESIGNED.
Taken as a whole, the exhibit is se-
garded as one of the most remarkable
in the history of speculation in this
country, and is accepted as confess
sion OF the necessity of the changes
which occurred three days ago in the
directory of the Nevada Bank.
RosENFELD FOLLOWS SUIT.
Late this afternoon John Rosenfeld
filed in the oisce OF the County Re-
corder full statement of the liabili-
ties and assets of his dealings in the
late wheat deal. The document was
seemigly fled after Office hours and
was secured too late tonight to make
thereof any intelligent statement
in brief. 1t is the same plan
as that filed early in the after
noon by Wm. Dresbach, but differs
from the latter's statement in the
essential figures, owing to the fact
that Dresbach and. Rosenfield shared
an unequal per cent. in their profits
and losses and dealings generally.
THE STATEMENTS UNSATISFACTORY.
Geo. w. McNear, who in general
represents the creditors of Dresbach d
Rosenfeld, states that he is by no
means satisfied with either OF the
statements filed to-day, and that the
case will be pressed as speedily as
r,oasihla before the courts